Medex Protect offer a unique excess and shortfall insurance which runs directly alongside a private medical insurance policy. By adding or increasing your excess on your private medical insurance policy, this would result in a decrease in premium. The excess and shortfall insurance will then cover the excess amount when an eligible claim is made.
Medex Protect are based in Crewe, Cheshire and are proud to be the only provider of the excess and shortfall insurance as a standalone product.
In late 2017 Medex Protect was acquired by Health Shield however, the medical excess and shortfall protection plan is still available on a standalone basis through Medex.
Claims must be submitted with a completed Medex claim form. Supporting documentation must also be provided as requested. You can only claim on this policy if your treatment was eligible on your health insurance policy.
Claims can be made up to the benefit level you have chosen on your policy for either an excess or a shortfall in payment.
For many businesses, introducing a policy of this type could result in a net saving. In turn this gives a lower P11D rate and enhanced shortfall protection cover.
The Excess on your health insurance policy is added as a cost containment option. It should bring the private medical insurance premium down.
A shortfall in payment arises when your hospital or consultant charges above the rates that the insurance companies are prepared to pay.
The medical excess and shortfall protection plans require a minimum of 6 members to be classed as a company scheme.
There are three cover levels available from Medex Protect:
- Medex Protect 150 plan
- Medex Protect 250 plan
- Medex Protect 500 plan
You can choose cover for staff on a single, couple, single parent or family basis.
Medex Protect is authorised and regulated by the Financial Conduct Authority – Firm reference number 735475.
Medex Protect is supported by a panel of respected Underwriters, including ANV Syndicate 1861 & Lloyd’s Syndicate 510. The Lloyd’s Managing Agent for Syndicate 510 is Tokio Marine Kiln Syndicates Limited, a subsidiary of Tokio Marine Kiln – authorised and regulated by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and by the Prudential Regulation Authority.